Crypto bears have taken a brief hold on the second most valuable crypto by market value. Ethereum dropped more than 10% after reaching above $600 some hours ago.
- At the time of writing this report, it traded at $553.53 with a daily trading volume of $16,372,458,478.
- It has a circulating supply of 110 million coins and a max supply of ∞ coins.
- It wasn’t all bad news for Ethereum stakeholders, as the number of Ethereum Non-zero Addresses just reached an ATH of 49,977,938.
- Previous ATH of 49,974,788 was observed earlier today, showing that buying interest in the ever-changing crypto market might just be a temporary pullback.
Previous ATH of 49,974,788 was observed earlier today
— glassnode alerts (@glassnodealerts) November 25, 2020
What you should know
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications with, in a decentralized manner, while all states and data are distributed and publicly accessible.
The native currency that flows within the Ethereum economy is called Ether (ETH), which is typically used to pay for transaction fees and also the base currency of the network.
On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.
What they are saying
ETH sellers should be cautious of a reversal, on the bias that the world’s biggest crypto hedge fund, Grayscale, revealed huge buying interests prevailing at the Ethereum market.
On its Twitter feed, it said: “It’s become clear there’s a strong demand for Ethereum investment products. In our 3Q20 investment report, we saw the largest investment into Grayscale Ethereum Trust ever, with over $202 million in quarterly inflows.”
Explore Data on the Nairametrics Research Website
It’s become clear there's strong demand for #Ethereum investment products. In our 3Q20 investment report we saw the largest investment into Grayscale Ethereum Trust ever, with over $202 million in quarterly inflows. Tap into the $ETH market with Grayscale. https://t.co/nai0ToEioQ
— Grayscale (@Grayscale) November 25, 2020